Mining

23/11/18 04:13 UTC-4

Price collapse in China: sale of mining equipment in Xinjiang for 5% of the total cost

Mining equipment are sold in China
Mining equipment are sold in China

The sale of miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
equipment in China has reached its minimum. The prices for outdated cryptocurrency mining devices are so small that they are sold almost for "scrap metal", as was reported in the 8BTC publication.

On the grand sale of technological devices for mining reported 8BTC local Chinese edition. Peak sales of farms and Asics fell on Wednesday, November 21. Also, an unprecedented fall in the price of mining equipment was announced in the pool for the F2Pool "smart" cryptocurrency.

After the cryptocurrency market collapsed throughout the past week, and Bitcoin (BTC) fell below $ 4,300 for a coin, mining became unprofitable and unprofitable. According to 8BTC, the recession led to a similar decrease in the profitability of the mining industry and forced Chinese operators to sell their equipment for obtaining cryptocurrency at a loss. In the news feed it is reported that the mining technique is sold almost "by kilogram".

About a sharp and global decline in the price of mining technology in China, it became known thanks to the analytics and the message of the founder of F2Pool on the Weibo microblogging platform.

As it became known, miners are especially willing to sell older models (including the Antminer S7, Antminer T9 and Avalon A741), since they have reached the "closing price". According to the Tencent News local Chinese publisher, earnings from the extraction of the crypt is not enough to cover the cost of electricity and other related costs.

Price collapse in the cryptocurrency market has affected mainly small and medium regions of the country. The lowest level reached in the Chinese region of Xinjiang and the Inner Mongolia autonomous region in the North. It is in these regions that the mining equipment has fallen dramatically in price and is sold on the secondary market for only 5 percent of the original cost. Reportedly, a mining farm, bought at a price of up to 20,000 yuan ($ 2,885) a year ago, is sold for only 1,000 yuan ($ 144).

Recall that earlier this month, Bitmain mining giant announced plans to enter the local market in Xinjiang with coverage of about 90,000 Antminer S9 devices for sale in the region. Now it is not known whether these plans will be realized. While there were no official statements about the change of the tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
plan from the managers of Bitmine.

Editor: Yuliya Soroka

See also: "WebCobra: a new hidden mining malware"

#China #mining #asics #farms #price drop #sell-out

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